Cephalon Shares Slip As Company Announces Availability of Alcoholism Treatment Drug in U.S.
NEW YORK -- Shares of Cephalon Inc. slipped in premarket trading Tuesday as the pharmaceutical company announced its alcoholism treatment drug Vivitrol is now available in the United States.
On Tuesday, the Frazer, Pa. company also said it will team with Takeda Pharmaceuticals North America Inc. to co-promote Provigil tablets in the U.S. for the treatment of excessive sleepiness.
Baird analyst Lawrence Neibor reiterated his "Outperform" rating and $75 price target, saying that the co-promotion increases penetration of a broad physician base and likely represents upside to guidance and estimates for the second half of 2006 and beyond.
"We believe Cephalon has secured an attractive royalty rate and that performance criteria ensure that Cephalon only pays if Takeda succeeds," Neibor said in a client note.
Shares of Cephalon fell 12 cents to $55.44 in premarket trading and closed at $55.56 on the Nasdaq on Monday.
NEW YORK -- Shares of Cephalon Inc. slipped in premarket trading Tuesday as the pharmaceutical company announced its alcoholism treatment drug Vivitrol is now available in the United States.
On Tuesday, the Frazer, Pa. company also said it will team with Takeda Pharmaceuticals North America Inc. to co-promote Provigil tablets in the U.S. for the treatment of excessive sleepiness.
Baird analyst Lawrence Neibor reiterated his "Outperform" rating and $75 price target, saying that the co-promotion increases penetration of a broad physician base and likely represents upside to guidance and estimates for the second half of 2006 and beyond.
"We believe Cephalon has secured an attractive royalty rate and that performance criteria ensure that Cephalon only pays if Takeda succeeds," Neibor said in a client note.
Shares of Cephalon fell 12 cents to $55.44 in premarket trading and closed at $55.56 on the Nasdaq on Monday.
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